Money & Banking

Forex reserves climb $1.27 bn to touch $517.63 bn

PTI Mumbai | Updated on July 24, 2020 Published on July 24, 2020

The country’s foreign exchange reserves surged by $1.275 billion to touch a fresh lifetime high of $517.637 billion in the week to July 17, RBI data showed.

In the previous week, reserves had swelled by $3.108 billion to $516.362 billion.

The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had increased by $8.223 billion to reach $501.703 billion.

In the week ended July 17, the reserves rose due to an increase in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA was up by $1.245 billion to $476.880 billion in the reporting week, the central bank data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.

Gold reserves were up by $13 million to $34.743 billion, as per the data.

The special drawing rights with the International Monetary Fund (IMF) rose $2 million to $1.455 billion.

The country’s reserve position with the IMF also increased by $15 million to $4.560 billion during the reporting week.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 24, 2020
This article is closed for comments.
Please Email the Editor